Tuesday, 25 May 2021

Employers Propose Continuation of Government COVID Subsidies

ZAGREB, 25 May, 2021 - The Croatian Employers' Association (HUP) has proposed measures for maintaining liquidity and launching private investments which include retaining jobkeeping measures and covering a portion of fixed costs, ensuring favourable loans and prolonging loan maturity.

In expectation of COVID measures and lockdown of businesses being lifted, HUP addressed Finance Minister Zdravko Marić and underscored that maintaining liquidity is not only relevant during the lockdown period but should be extended for a longer period, and that recovery can only be possible if investments are boosted.

HUP proposes that jobkeeping measures be extended even after busines restrictions are lifted until such time that  all enterprises generate at least 90% of their pre-pandemic revenue in 2019. HUP believes that abolishing support measures for the economy should be gradual, depending on the epidemiological situation, but also on the circumstances in each individual sector so that Croatia is not faced with a wave of bankruptcies and layoffs.

HUP also calls for a portion of fixed costs to continue to be covered, taking account of the percentage revenue has decreased, and for facilitating access to loans for liquidity and working capital, including guarantee schemes for micro, small and medium-sized enterprises.

HUP advocates possibly transforming a portion of loans into grants and for the moratorium on loan maturities to be extended for existing loans, along with state guarantees, at least until the end of this year and longer if need be, based on transparent criteria.

HUP proposes additional support loans for exporters and enterprises investing in the 4.0 industry, and support for investments by large companies through increased support for EU co-funded projects.

It also recommends the possibility of deleveraging debts between companies to prevent a chain reaction, and for non-recoverable loans to be identified faster, as well as speeding up bankruptcy procedures, and introducing additional tax cuts.

"We believe that government subsidies to cover the disrupted economic activities due to the COVID crisis should continue until such time that enterprises can do business normally and save jobs without that support," HUP said.

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Friday, 21 May 2021

E-Matematika: New Online Instruction Developing Business That Helps Pupils

May 21, 2021 - With math seeing more and more appreciation, it's still, quite rightfully, a challenging discipline that not everyone can comprehend. Quality lessons, additional instructions, and motivated lecturers and teachers are the obvious recipe to both help those who struggle with math and those who are good at it to achieve their best possible potential.

However, the coronavirus pandemic is still present and is still causing difficulties in the Croatian education system, forcing pupils and professors to switch from online to live lectures or a mix of the two, putting additional pressure on sharing knowledge on any imaginable subject. With math being a discipline that requires lots of practice and explanations, it's perhaps the subject which has suffered the most.

Still, as Srednja.hr reports, a great potential solution to this issue appeared back in October 2020 when Robert Pavlik started E-Matematika, a website, for online math instructions.

''The site is focused on all students that need help with math, whether it's about fixing a bad grade or preparing for an exam“, writes Srednja.hr.

E-Matematika currently offers 45 minutes of lessons, offering solved mathematical tasks with the procedure detailed, as well as a video explanation.

These instructions are paid for simply through the ''order instructions''check-out process, and it's all quite automated. However, phone and videocalls for arranging instructions are an option for the safety of kids so that parents can see with whom they'll be communicating. Reliable platforms for communication such as Zoom, Google Meet, and MS Teams are also used, and two conditions need to be satisfied for the instructions to work: easy platform access for the student and an uninterrupted video connection. Each instruction ends with the service sending a questionnaire to the students to see how happy they are with the whole experience, as well as a receipt. The questionnaire builds the personal rating of the instructor.

There are four levels of instructions: lower elementary classes, higher elementary classes, high schools, and faculties, which offer more effective services as some instructors prefer to work with teens, and others are specialised working with younger kids. The site so far boasts 100 instructors, and in addition to maths, Croatian pupils can also find instructions from the subjects of physics and chemistry. Srednja.hr adds that students from field-related faculties recognised the work of E-Matematika and want to participate.

The site welcomes anyone interested to apply to become the next instructor, as long as they satisfy the following conditions: two years of instructing experience as a minimum, excellent communication skills, reliability, flexibility in organising instructions, along with patience and the ability to focus on a student.

It's also worth mentioning that the first concept of online instructions in Croatia (again, for math, but also for statistics) appeared in 2011, when a mathematics professor at the Faculty of Science (PMF), University of Zagreb, Toni Milun, started posting videos explaining the curriculum online and for free. And you guessed it; it was a huge hit.

Despite Milun offering additional mathematics lessons for free, E-Matematika having more than 500 registered users and 2000 orders, it seems it can justify the paid offer with its value and use.

However, it will be interesting to see will this trend continue when the pandemic is over and the face-to-face instructions return as normal. Currently, the Croatian media landscape is seeing more and more pupils and parents stepping out and saying that nothing can replace face-to-face classes.

Learn more about Croatian inventions & discoveries: from Tesla to Rimac on our TC page.

For more about science in Croatia, follow TCN's dedicated page.

Wednesday, 19 May 2021

Zagreb Stock Exchange Indices' Winning Streak Broken

ZAGREB, 19 May, 2021 - Amid a moderate trading on the Zagreb Stock Exchange on Wednesday the main indices fell slightly, ending their rising streak over the past few days, with the Podravka food manufacturer's stock drawing the most attention after it proposed a dividend of HRK 9 per share.

The Crobex fell slightly by 0.15% to 1,949 points, breaking its four-day climb. At the same time the Crobex10 weakened by 0.31% to 1,203 points, after rising for three days in a row.

Among the sector indices, the construction index fell by 2.13% while the transport sector strengthened by 0.97%.

Regular turnover amounted to HRK 9.25 million or 2.25 million more than the day before.

The highest turnover of HRK 3.3 million was generated by the Podravka company. The price of its shares weakened by 0.33% to HRK 600.

Podravka's management announced that the general assembly is scheduled for 29 June when shareholders are expected to decide on a HRK 9 dividend, just like last year.

The Valamar Riviera hotel group generated a turnover of HRK 2.33 million. Its shares closed at a price of HRK 29.7, up 0.67%.

A total of  42 stocks traded today, with 16 of them registering share price increases, 17 recording share price decreases and nine remaining stable in price.

(€1 = HRK 7.511281)

For more about business in Croatia, follow TCN's dedicated page.

Tuesday, 18 May 2021

Zagreb Stock Exchange: Crobex Continues Upward Movement For Fourth Day in Row

ZAGREB, 18 May, 2021 - The main Zagreb Stock Exchange (ZSE) indices continued their upward movement on Tuesday. 

The Crobex jumped by 0.49% to 1,952 points, continuing its rise for the fourth day in a row, while the Crobex10 gained 0.42% to end the day at 1,207 points, rising for three straight trading days.

Turnover at the close of the trading session was HRK 7 million, about 1.9 million lower than on Monday, and three stocks passed the turnover mark of one million kuna.

The highest turnover, of HRK 1.4 million, was generated by the stock of the Podravka food company, which closed at HRK 602 per share, up 0.33%.

It was followed by the preferred stock of the Adris tourism and insurance group, turning over HRK 1.38 million. Its price rose by 0.24% to HRK 423.

The stock of the HT telecommunications company turned over HRK 1.3 million, ending the day at HRK 185 per share, up 0.82%.

A total of 39 stocks traded today, with 20 of them registering share price increases, 12 recording share price decreases and 7 remaining stable in price.

(€1 = HRK 7.517964)

For more about business in Croatia, follow TCN's dedicated page.

Friday, 14 May 2021

Zagreb Stock Exchange End Week in Different Directions

ZAGREB, 14 May, 2021 - The Zagreb Stock Exchange (ZSE) Crobex index went up 0.12% to 1,940.04 points on Friday, while the Crobex10 dipped 0.11% to 1,193.82 points.

Regular turnover was HRK 6.86 million, with only two stocks crossing the million kuna mark - the Atlantska Plovidba shipping company, which turned over HRK 1.5 million, closing at HRK 336 per share (+0.30%), and the Podravka food company, which turned over HRK 1.26 million, stable at HRK 590 per share.

Forty-nine stocks traded today - 28 increasing in price, 11 decreasing, while ten were stable.

(€1 = HRK 7.520412)

For more about business in Croatia, follow TCN's dedicated page.

Thursday, 13 May 2021

Main Zagreb Stock Exchange Indices Drop By About 0.5%

ZAGREB, 13 May, 2021 - The main Zagreb Stock Exchange (ZSE) indices dropped by about 0.5% on Thursday, with the Crobex falling for the third day in a row, by 0.47% to 1,937.73 points, and the Crobex10 slipping by 0.51% to 1,195.17 points, down from Wednesday.

Regular turnover amounted to HRK 8.7 million or almost two million less than on Wednesday.

The most traded stock with a turnover of HRK 3.1 million was the Atlantska Plovidba shipping company. The price of its shares continued to fall for the third day in a row, by 3.18% to HRK 335.

The HT telecommunications company generated a turnover of HRK 1.46 million with the price of its shares dropping by 0.54% to HRK 184.50.

The Podravka food manufacturer closed at HRK 590 per share, down 1.01% from Wednesday, generating a turnover of HRK 1.22 million.

The Valamar Riviera hotel group also crossed the million kuna mark turning over HRK 1.02 million. Its shares plunged by 1.97% to HRK 29.90.

A total of 36 stocks traded today, with 19 of them registering share price decreases, 12 recording share price increases and 5 remaining stable in price.

(€1 = HRK 7.531968)

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Wednesday, 12 May 2021

Zagreb Stock Exchange Indices Close Mixed

ZAGREB, 12 May, 2021 - The main Zagreb Stock Exchange (ZSE) indices ended mixed on Wednesday, with the Crobex falling by 0.21% to 1,946.80 points and the Crobex10 gaining 0.10% to close at 1,201.28 points.

Turnover at the close of the training session was HRK 10.7 million, about 2 million higher than on Tuesday, and only two stocks passed the turnover mark of one million kuna.

The stock of the Atlantska Plovidba shipping company turned over HRK 2.5 million, ending the day at HRK 346 per share, down by 6.49%. The Valamar Riviera hotel company saw its share price rise by 2.35% to HRK 30.59, turning over HRK 2.3 million.

A total of 49 stocks traded today, with 19 of them registering share price decreases, 17 recording share price increases and 13 remaining stable in price.

(€1 = HRK 7.532086) 

For more about business in Croatia, follow TCN's dedicated page.

Wednesday, 12 May 2021

EU Industrial Production Stabilises in March; Croatia Above EU Average

ZAGREB, 12 May, 2021 - The European Union's industrial production stabilised in March following a decline in the previous month, while Croatia's production grew above the bloc's average rate, according to a report released by Eurostat on Wednesday.  

In March 2021, the seasonally adjusted industrial production rose by 0.6% in the EU and by 0.1% in the euro area, compared with February 2021. In February 2021, industrial production fell by 1.0% in the EU and by 1.2% in the euro area.

In both regions, the recovery was driven by production of non-durable consumer goods, which rose by 2.0% in the EU and by 1.9% in the euro area, compared with February 2021.

Production of intermediate goods rose by 1.1% in the EU and by 0.6% in the euro area. The energy sector also recorded a rise, of 1.0% in the EU and of 1.2% in the euro area.

On the other hand, production of capital goods fell by 0.4% in the EU and by 1.0% in the euro area, and production of durable consumer goods decreased by 0.3% in the EU and by 1.2% in the euro area.

Among member states for which data are available, the highest increases were registered in Denmark (+4.9%), Lithuania (+4.5%) and Bulgaria (+3.7%). The largest decreases were observed in Luxembourg (-4.4%), Belgium (-4.0%) and Finland (-2.1%). Croatia saw a monthly drop in industrial production of 3.4%.

Annual comparison

In March 2021 compared with March 2020, industrial production increased by 11.0% in the EU and by 10.9% in the euro area. In February 2021, industrial production fell by 1.4% in the EU and by 1.8% in the euro area. 

Production of durable consumer goods rose the most, by 34.4% in both regions. Production of capital goods increased by 15.9% in the EU and by 16.1% in the euro area, production of intermediate goods rose by 13.4% in the EU and by 13.3% in the euro area, production of energy went up by 2.7% in the EU and by 3.3% in the euro area, and production of non-durable consumer goods increased by 1.1% in the EU and by 0.7% in the euro area.

Among member states for which data are available, the highest increases were registered in Italy (+37.7%), Slovakia (+24.5%), Hungary and Poland (both +16.3%). Decreases were observed in Malta (-2.8%) and Finland (-2.2%). In Croatia, industrial production rose by 9.9% year on year.

For more about business in Croatia, follow TCN's dedicated page.

 

Wednesday, 12 May 2021

British American Tobacco (BAT) Announces HRK 200 Million Investment in Kanfanar Factory

ZAGREB, 12 May, 2021 - During a visit on Wednesday by Prime Minister Andrej Plenković to the British American Tobacco (BAT) factory in Kanfanar, BAT revealed an investment of HRK 200 million in the production of a new category of heated tobacco products (HTP), underlining the importance of the new logistics centre in Rijeka.

"By expanding production in Kanfanar and opening a hub in Rijeka, we are continuing with BAT's significant investments in Croatia. With the introduction of production lines for new product categories, Croatia is additionally strengthening its position on the global map of production sites in the tobacco industry. We are continuing to expand our selection for consumers in Croatia," BAT Adria director Zvonko Kolobara said in a statement to the press.

He added that the increased capacity in Kanfanar would help BAT meet growing demands for HTP in Europe and northern Africa.

Kolobara thanked the government and Prime Minister Plenković for their efforts in creating an investment climate that stimulates further investments.

Plenković expressed satisfaction that BAT is continuing with its investments in Kanfanar and ensuring jobs. BAT's announcement of the investment comes after its announcement that it could leave Croatia due to unfavourable business conditions.

Plenković underlined that the new investment was an example of a good business climate and that BAT did not exert any pressure on the government to meet its demands to continue doing business in Croatia.

"The new, HRK 200 million investment in new products means a new impetus, enthusiasm and a new generator of business and with that, a contribution to Croatia's economy. The company employs 1,600 people and another 800 cooperate closely with BAT and make a living that way. The investment plans have been coordinated with their headquarters in London and all the employees at the factory will be satisfied while the entire economy of Istria County will benefit from BAT's operations," said Plenković.

He noted that the government was open to large global investors.

"It is excellent that BAT has established a hub in Rijeka for products from China that are distributed throughout Europe. That is additional confirmation of Rijeka's attractiveness as an exceptionally important transport and commercial port in the country. As far as BAT's staying is concerned, the government took account of the Croatian economy and creating conditions for all foreign companies doing business in Croatia and investors to have the same treatment. It is obvious that BAT has decided that the Kanfanar factory is important and that it wants to invest and that Croatia is important to it. There was never any pressure," said Plenković.

For more about business in Croatia, follow TCN's dedicated page.

Tuesday, 11 May 2021

Zagreb Stock Exchange: Crobex's Six-Day Winning Streak Ends

ZAGREB, 11 May, 2021 - The Zagreb Stock Exchange (ZSE) Crobex on Tuesday fell by 0.45% to 1,950.84 points, thus ending its six-day winning streak.

The Crobex10 declined by 0.55% to 1,200.06 points.

Today's regular turnover totalled HRK 8.7 million, HRK 6.7 million less than on Monday.

Apart from that, an additional five million was generated by a block transaction with shares of the SZAIF fund which changed hands at the price of HRK 22.20. SZAIF shares turned over HRK 1.9 million in regular trading, with a price rise of 11% to HRK 22.20.

In terms of the volume of trading, the Atlantska Plovidba shipping company was the best performer, HRK 2.1 million. After its shares gained more than 45% in value in the last five days, today their price fell by 3.90% to HRK 370.

A total of 53 stocks traded today, with 28 of them registering a price fall, 19 saw a price increase and six remained stable in price.

(€1 = HRK 7.529086)

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